The Co-op Bank cuts 350 jobs as 18 branches close

The Co-op Bank is to cut 350 jobs as it shuts 18 branches in the latest cull in the face of the coronavirus pandemic.

The lender said the cuts would focus on middle management positions and head office roles. The branch closures are expected to be completed by December 1 and come after an analysis of footfall in each store which began before Britain's virus-induced lockdown.

The bank hopes to redeploy some of its employees into other parts of the business and it begins consulting with staff and unions.

It chief executive Andrew Bester said: “Our people have shown great dedication and commitment to our customers over the past few months, so we are very sorry to announce this news today. Unfortunately, we’re not immune to the impact of recent events, with the historically low base rate affecting the income of all banks and a period of prolonged economic uncertainty ahead, which means it’s important we reduce costs and have the right-sized operating model in place for the future.

“At the same time, we are responding to the continuing shift of more and more customers choosing to bank online, with lower levels of transactions in branches, a trend which has been increasing for some time, across the banking sector and more broadly."

The company added that is is "writing to affected customers to provide information about the alternative options available to them, including Post Office counter services, telephone, online and mobile banking".

The Co-op Bank becomes the latest bank to announce branch closures as Britons increasing use services online or on the phone, notably during lockdown. Lloyds Bank is in the latter stages of 56 closures across its Lloyds, Halifax and Bank of Scotland brands this year.

The lender narrowly survived the Crystal Methodist scandal involving former chairman Paul Flowers and ahole in its finance in 2014.

The branches closing are:

Ashton

Bradford

Cambridge

Chatham

Chester

Chichester

City of London

Dartford

Halesowen

Harrogate

Luton

Oxford

Rotherham

Solihull

Truro

Wakefield

Walsall

York